Page 53 - CON Boardpack July 20200708 Final_Neat
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4. APPROVAL OF THE MINUTES HELD ON 04 February 2020
The minutes were approved.
Proposer: Stephen Butt Seconded: Johann Kotzé
5. MATTERS ARISING
Nothing was discussed.
6. MANDATE OF THE AUDIT & RISK COMMITTEE
6.1 Financial sustainability
Johann Kotzé indicated that at the end of April 2020 SAPPO has R2.8 million as
a sustainability fund that could last for 3 to 6 months if the levies were no longer
paid. The income on the call account of the RMLA was not included.
FINANCIAL SUSTAINABILITY Apr-20
FNB Call Account-62771426147 1 159 928
ABSA Call Account - 40 9466 5668 3 007 163
Momentum Investment 3 151 431
ABSA Bank 2 197 682
FNB Bank 7 769 877
Petty Cash 4 000
TOTAL INVEST / BANK 17 290 081
Credit Cards 110 147
Workmen’s Compensation 48 394
VAT CONTROL ACCOUNT 258 076
TOTAL CURRENT LIABILITIES 416 616
TOTAL INVEST / BANK 17 290 081
TOTAL CURRENT LIABILITIES (416 616)
Budget SURPLUS 2019 (819 391)
OPERATIONAL EXPENSES (9 505 267)
ASF - GDARD repayment (1 700 000)
BUDGET (YTD) (1 962 407)
TOTAL SURPLUS / (DEFICIT) 2 886 399
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